Trump administration seeks to drop Iran's oil revenue to nothing

Iran to allow private sector to export oil, beat US sanctions

Laurie Berry
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03 July, 2018, 15:38

Rising gasoline prices could create a political headache for Trump ahead of the November elections by offsetting Republican claims that his tax cuts and rollbacks of federal regulations have helped boost the economy.

Oil prices have been rising despite OPEC and Russian Federation agreeing to increase production by 1 million barrels per day from the start of this month.

WTI oil prices dipped into 71.80 at the market's open this week, but has since recovered above 72.50, though current prices are still below Friday's closing price of 73.54.

In the previous round of sanctions on Iran's oil, India was one of the few countries that continued to import Iranian oil, albeit at lower volumes because the US and European sanctions at that time were choking most of the banking, shipping, and insurance processes. The main focus of this is re imposition of sanctions on Iran, particularly an effort to drive oil exports to zero.

Rouhani accused the United States of trying to fully prevent the Iranian oil export.

Trump announced earlier this year that he would pull the USA out of the pact, which offered Tehran sanctions relief in exchange for curbing its nuclear program.

Tehran and Riyadh are members of the Organisation of Petroleum Exporting Countries, a cartel that manages supply to the global market via production quotas so as to keep prices in member states' favour.

"They're begging the Saudis to raise their output so that if Iran's quota decreases nothing will happen to the markets", said Jahangiri.

The president also had tough words for other U.S. allies.

This increase was needed to cope with the "turmoil and dysfunction in Iran and Venezuela", Trump said, referring to U.S. plans to impose new sanctions on Iran and low oil production in the South American country.

President Trump has announced that he will name a candidate to replace retiring Associate Justice Anthony Kennedy on July 9. Collins and fellow senator Lisa Murkowski of Alaska are the only two nominally pro-choice Republicans in the Senate.

There had been rumours for weeks about the Greek defender making the switch from Borussia Dortmund and now everything is official. Sokratis was previously been linked with a move to Manchester United, but has instead opted to join Arsenal .

Looking forward, Paul will continue to provide tenacious on-ball defense and playmaking starting at point guard for the Rockets. His productivity reached another level in the postseason where he averaged 21.1 points, 5.9 rebounds, and 5.8 assists.

Narongsak Osatanakorn, governor of Chiang Rai province, said the 13 were being rescued, adding: "We found them safe". The Thai SEALs and later their support teams had been diving around the clock since 2 a.m.

In fact, James might not even speak with top team officials before making a decision on his destination for next season. LeBron was welcomed to the side by some of the best players from the Lakers, Kobe Bryant , and Kareen Abdul-Jabbar.

Belgium very almost responded instantly, with Eden Hazard rocketing a shot off the post just after the reset. After catching a corner, Courtois rolled it to Kevin De Bruyne, who found Steven Meunier on the right wing.

In 79 regular season games with the Thunder previous year , George averaged 21.9 points, 5.7 rebounds and 3.3 assists per game. The deal comes with a player option for 2019-20, so Durant can - and likely will - become a free agent again next summer.

Gone was the iconic Nike swoosh from his bandana and the RF logo that usually appears on his jacket was also missing. Ties are not broken there. "I am deeply committed to tennis and to winning championships".

The National Foreign Trade Council (NFTC) said auto tariffs will raise costs for automakers, which will eventually hit customers. Last year, about 36% of GM's US sales were imported, or about 1.1 million vehicles, according to research firm LMC Automotive.

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